Business Opportunity Quiz

What is a business opportunity?

• A consumer need or want that can potentially be met by a new business

• A product or service that people desire

• A new idea for a business

• A need that people must have to survive

What is the difference between an idea and a business opportunity?

• An idea is a need that people must have to survive, while a business opportunity is a product or service that people desire

• An idea is a consumer need or want that can potentially be met by a new business, while a business opportunity is a product or service that people desire

• An idea is a new idea for a business, while a business opportunity is a consumer need or want that can potentially be met by a new business

• An idea is a product or service that people desire, while a business opportunity is a need that people must have to survive

What are some sources of business opportunities?

• Problems, changes, new discoveries, existing products and services, unique knowledge

• Competition, location, target market, product development

• Demographics, age, gender, income, technology

• Outsourcing, off-shoring, cultural influence, economic impact

What are some factors influencing opportunities?

• Cost of production, demand of goods and services, brand image, marketing

• Problems, changes, new discoveries, existing products and services, unique knowledge

• Demographics, competition, location, target market

• Product development, changing the way products are delivered, technology impact, economic impact

What is the impact of globalisation on Australian consumers?

• Can buy goods from around the world, more variety

• Exposed to diverse cultures through imported products and media

• Access to new technologies and innovations from other countries

• May benefit from increased job opportunities in international companies

What is the impact of globalisation on employers?

• Businesses may benefit from international trade, leading to economic growth

• Employers may adopt advanced technologies to stay competitive

• May need to adapt to diverse work environments

• Can sell products globally, expanding market

What is the impact of globalisation on employees?

• May face competition from global workers

• May experience cultural diversity in the workplace

• Economic fluctuations may impact job security

• Need to adapt to technological changes in the workplace

What is the influence of technology on the nature of work?

• Allows workers to easily access a virtual workplace

• May face job competition from global workforce

• May witness changes in industry practices for sustainability

• May experience cultural diversity in the workplace

What are some factors influencing prices?

• Demographics, competition, location, target market

• Cost of production, demand of goods and services, brand image, marketing

• Problems, changes, new discoveries, existing products and services, unique knowledge

• Outsourcing, off-shoring, cultural influence, economic impact

What are the 4 types of economic systems?

• Outsourcing, off-shoring, cultural influence, economic impact

• Capitalism, socialism, communism, mixed economy

• Demographics, competition, location, target market

• Problems, changes, new discoveries, existing products and services, unique knowledge